Two men share securities regulation news

Breaking news and expert analysis on legal and compliance issues

[Back To Home][Back To Archives]

From Securities Regulation Daily, May 3, 2013

White Speaks at ICI’s Annual Meeting About Global Regulation

By Jacquelyn Lumb

In remarks to the Investment Company Institute, Chair Mary Jo White said the SEC wants to preserve the economic benefits of money market funds while addressing potential redemption pressures and their susceptibility to runs. The commissioners and staff are actively engaged in discussions toward an appropriate and balanced proposal for money market fund reform in the near future, she said. White’s remarks focused on regulating in a global financial system and she hopes the money market fund reform proposal is one that can be shared with other regulators.

White noted that in the mere three weeks that she has served as chair, she has attended meetings with the Secretary of the Treasury and the central bank heads and regulatory chiefs from seven countries. She has been briefed for a meeting of the Financial Stability Board and a London meeting of the International Financial Reporting Standards Foundation Monitoring Board.

White said she also reviewed, shaped and voted on the proposal for regulating cross-border derivatives transactions, and she met with the vice chair of the Japan Financial Services Agency and the chair of the Australian Securities and Investments Commission, who is also chair of the International Organization of Securities Commissions.

White talked about the SEC’s cross-border working group which addresses the risks associated with U.S. issuers whose primary operations are overseas. Some foreign-based issuers take advantage of their remote locations to engage in fraud or other securities violations, she said, which has been a particular problem with issuers operating in the People’s Republic of China. The SEC has brought numerous cases against China-based issuers involving market manipulation, accounting and disclosure violations, and auditor misconduct, among other charges.

White reported that the enforcement of the Corrupt Foreign Practices Act will continue to be a priority for the SEC. The SEC and the Department of Justice published a guide to help companies avoid FCPA violations. The other side of education is deterrence, she said, which can mean strong enforcement actions with disgorgement and penalties or the benefits that come from cooperation. She cited the recent non-prosecution agreement with Ralph Lauren Corporation on the basis of its cooperation with the SEC.

MainStory: TopStory Derivatives DoddFrankAct Enforcement InvestmentCompanies SECNewsSpeeches

Securities Regulation Daily

Introducing Wolters Kluwer Securities Regulation Daily — a daily reporting service created by attorneys, for attorneys — providing same-day coverage of breaking news, court decisions, legislation, and regulatory activity.

A complete daily report of the news that affects your world

  • View full summaries of federal and state court decisions.
  • Access full text of legislative and regulatory developments.
  • Customize your daily email by topic and/or jurisdiction.
  • Search archives for stories of interest.

Not just news — the right news

  • Get expert analysis written by subject matter specialists—created by attorneys for attorneys.
  • Track law firms and organizations in the headlines with our new “Who’s in the News” feature.
  • Promote your firm with our new reprint policy.

24/7 access for a 24/7 world

  • Forward information with special copyright permissions, encouraging collaboration between counsel and colleagues.
  • Save time with mobile apps for your BlackBerry, iPhone, iPad, Android, or Kindle.
  • Access all links from any mobile device without being prompted for user name and password.